The other challenge is selling it, there is a smaller buyer pool for hospitality in a small market but that was known going in Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Licensed in both Hawaii and Vermont at the moment, navigating acquisitions and depositions by collaborating the directions of my client with grounded professional understanding. 

Hi Everyone,I  am a professional wholesaler and property locator, I locate property on/off market, do a full due diligence on title, encumbrances, taxes ect...

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Most professional agents set a minimum dollar theyll do at these price points that will be substantial. 

.✅ Professional Tenant Screening – Property managers have systems in place to screen applicants thoroughly, reducing the risk of bad tenants.✅ Knowledge of Chicago Rental Laws – A good property manager stays up to date on local laws, helping you avoid costly legal mistakes.✅ Maintenance & Repairs Handled – No more emergency calls at 2 AM about a broken water heater!

I pay professionals for help and can do basic tasks on my own without free labor. 

Here are a few to watch out for:Property Condition: Most distressed properties need extensive repairs or renovations, which add to your initial investment.Competitive Market: With Phoenix's popularity among investors, competition for the best deals can be intense.Complex Deals: Foreclosures, auctions, or short sales are much more complicated compared to regular real estate transactions and usually require specialized knowledge.Tips to Successfully Navigate the MarketDo Your Research: Understand the local market conditions, including neighborhood trends, property values, and potential rental income.Build a Strong Network: Work with professionals who specialize in distressed properties-such as brokers, contractors, and legal experts-to make the best decisions.Assess Costs Carefully: Factor in the cost of repairs, holding costs, and any potential financing issues when evaluating a property’s profitability.Be Patient: Finding the right distressed property takes time.

Now, when you talk to the tenant today, be straightforward but professional.

You should consult a tax professional for an answer based on your unique situation, this is not tax advise just general information.